Somany Ceramics Q3 net profit down 41 pc to Rs 4.78 crore

Somany Ceramics today reported 41 per cent decline in net profit to Rs 4.78 crore for the third quarter ended December 31, 2013.

The company, a leading player in tiles and sanitaryware industry, had posted a net profit of Rs 8.16 crore in the year-ago period.

The company, however, posted a growth of 6.5 per cent in net sales at Rs 283.54 crore during the quarter under review, against Rs 266.23 crore in the corresponding period of previous year.

Commenting on the results, Somany Ceramics Joint Managing Director Abhishek Somany said: "A month long shutdown of Morbi (Gujarat) due to strike by the tile manufacturers between November and December brought the company's tiles outsourcing business to a standstill during that period. This adversely impacted the top line and bottom line in the third quarter."